House prices slide in Perth, Australia

Perth in Western Australia has experienced its fifth consecutive quarter of property price falls, new figures have revealed. The preliminary findings by the Real Estate Institute of Western Australia (REIWA) show that housing values slid by two per cent during the second quarter of this year, compared to the first three months of 2011. Alan Bourke, president of the organisation, commented: "Our early data suggests there has been little movement in the median sale price for multi-residential, but turnover for units, villas and townhouses has been stronger than in the previous quarter." He added that he expects the average value of a dwelling in the city to stand at around AU$475,000 (£315,938) once all the sales information has been collated. In May, REIWA criticised the state government for failing to take steps in its budget to help boost the provision of affordable housing in the region. The association had previously called for tax breaks for those who own more than one property in a bid to help stimulate the real estate sector and introduce more rental accommodation.